Sunday, January 18, 2015

Surprise: Obama to propose new taxes in SOTU...

WASHINGTON
– President Barack Obama will call for increasing taxes on the
wealthiest Americans by raising the capital gains rate and eliminating a
tax break on inheritances, then using the revenue to fund new tax
credits and other cost-saving measures for the middle class.
The president’s proposals are likely to be cheered by the Democratic
Party’s liberal base, but the tax increases are all but certain to be
non-starters with the new Republican majority on Capitol Hill.
Obama will announce the tax proposals Tuesday night in his State of
the Union address. Senior administration officials disclosed details
Saturday on the condition of anonymity because they were not authorized
to discuss the proposals by name ahead of the president.
The president’s address — his first to a Republican-led Congress —
will also include calls for lawmakers to make community college free for
many students, increase paid leave for workers and enact broad
cybersecurity rules.Keep on reading…